GOLD (XAUUSD)
Dominant bias: Bearish
Gold remains a bear market as price gradually breaks more and more support levels. In this kind of market, occasional rallies should be seen as opportunities to go short when price is high in the context of a downtrend. This month, bears are expected to target the support levels at 1150.00, 1140.00 and 1130.00 respectively. This view will remain valid as long as the resistance level at 1190.00 is not breached so, unless that occurs, long trades are not recommended this month.
SILVER (XAGUSD)
Dominant bias: Bearish
Silver has been in a gradual downtrend since May. Price would move sideways for some time, and then break down, then move sideways for some time, then break down again. Unless the supply level at 17.0000 is overcome (and price trends further upwards from there), long trades are currently illogical in this market and, without this condition being met, any bounces that occur this month may well be decoys for unwary bulls as this is the market in which bears thrive. The demand levels at 15.0000 and 14.0000 could be tested easily this month.
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